The SEC’s Enforcement Style According to Peirce, the fundamental question is not whether Kraken’s staking product should have been registered with the SEC, but whether, such registration was at all possible. “In the current climate, crypto-related offerings are not making it through the SEC’s registration pipeline,” she explained. When it comes to staking-focused products, questions around specific disclosures, accounting quirks, and whether to register the staking program on a whole or token...